Download Microeconomics I Syllabus Instructor

Boğaziçi University
Department of Economics
Fall 2009
EC 501: Microeconomics I
Syllabus
Instructor: Ünal Zenginobuz
Office: NB 222
Office Hours: Th, 16:00 – 17:00, or by appointment
E-mail: [email protected]
Website: http://www.econ.boun.edu.tr/zenginobuz/
Class Schedule & Locations: T T Th Th 3434, NBB10 NBB10 YD201 YD201
Graduate Assistant: Çağrı Savcı ([email protected])
Course Overview: The course will cover standard models in microeconomics, such as individual
decision-making with and without uncertainty, models of consumer behavior and producer behavior under
perfect competition, the Arrow-Debreu general equilibrium model, and some basic issues in welfare
economics and social choice at an advanced level.
The text books for the course are:
Jehle G. A., and P. J. Reny (2001), Advanced Microeconomic Theory, 2nd
Edition, Addison Wesley, Oxford.
(MWG) Mas-Colell A., M.D. Whinston, and J.R. Green (1995), Microeconomic
Theory, Oxford University Press, Oxford.
(JR)
We will follow JR closely but will also refer to MWG (which is the classical textbook widely used in
graduate schools all around the world).
Two other textbooks for the standard advanced microeconomics course that you may want to consult are:
•
•
Kreps D. (1990), A Course in Microeconomic Theory, Princeton University Press, New Jersey.
Varian H. (1984), Microeconomic Analysis, 2nd Edition, W.W. Norton & Company, New York.
A very good source for review of mathematical tools is:
•
Sundaram R. K. (1996), A First Course in Optimization Theory, Cambridge University Press,
Cambridge.
An excellent non-technical exposition of basic economic theory as applied to analysis of everyday
problems (highly recommended for those whose background is not in economics) is:
•
Hartford T. (2006), The Undercover Economist, Little, Brown, 2006.
Assessment: Problem sets will be assigned regularly. Students’ grasp of the content of the problem sets
will also be tested in pop-up quizzes (20%). There will be one midterm exam (35%) and a final exam
(45%). The midterm will be on November 12.
1
Course Outline
A. ECONOMIC AGENTS
1. Consumer Theory
Topics: Preferences and utility, the consumer’s problem, indirect utility and expenditure, properties of
consumer demand
Readings: JR Ch. 1 (MGW Ch. 1-4)
2. Topics in Consumer Theory
Topics: Duality, integrability, revealed preference, uncertainty
Readings: JR Ch. 2 (MGW Ch. 1-4, Ch. 6)
3. Theory of the Firm
Topics: Production, cost, duality in production, the competitive firm
Readings: JR Ch. 3 (MWG Ch. 5)
B. MARKETS AND WELFARE
4. Partial Equilibrium
Topics: Perfect competition, imperfect competition,equilibrium and welfare
Readings: JR Ch. 4 (MGW Ch. 10, Ch.12)
5. General Equilibrium
Topics: Equlibrium in exchange, equilibrium in competitive market systems, equilibrium in production,
core and equilibria
Reading: JR Ch. 5 (MWG Ch. 15-18)
6. Social Choice and Welfare
Topics: Social choice and Arrow’s Theorem, Measurability, comparability, justice
Readings: JR Ch. 6 (MGW Ch. 21)
2